Friday, November 24, 2017

Sverdlovsk region plans share sale of Koltsovo Airport

The Sverdlovsk region is planning to sell its shares in OAO Koltsovo Airport at a price of approximately $64.8 million.

Officials with the region voiced the intention at a recent government meeting when the program for public property management for 2013 was being considered, Ural Business Consulting reports.

The Sverdlovsk region received a 34.56 percent shareholding in the airport in early February 2011. At the time, it was thought that the transfer would help the region attract $1.03 billion in investments by 2030.

The money earned from the investments was meant to go to upgrading airport infrastructure through a state-private partnership.

Alexander Misharin, the ex-governor of the Sverdlovsk region, insisted on purchasing the shares of the airport in 2011. Misharin said the region would hold onto the shares through 2020, Gazeta.ru reports.

"Once all the procedures have been finalized, we will create a single shareholding that could be sold to someone," Misharin said, at the time of the transfer, according to Gazeta.ru. "We are not going to hold on to it forever. What's more, the airport can develop only alongside with the development of the region. For one, our Expo 2020 project, should it be implemented, will build up on the cost of the airport dramatically. So it is then when we will put the shareholding up to auction."

Dmitri Medvedev, the former president of Russia, signed the decree to transfer the federally owned shares on February 1, 2011.